Oil Slides Amid Uncertainty Over OPEC Deal as U.S. Stocks Climb
- Industrial metals sink on signs China is damping speculation
- Dollar relinquishes post-GDP data gains as Treasuries rise
What's Stopping Iran From Increasing Oil Output?
Crude oil dropped below $46 a barrel on concern an OPEC deal to stabilize prices is in jeopardy as major producers disagree on curbing output. The dollar retreated, while U.S. equities ended higher after paring gains.
U.S. oil fell to a two-week low after 10 hours of technical talks failed to resolve differences between crude-producing nations, with Iran objecting to proposed production cuts. The S&P 500 Index rose after Monday’s retreat, with gains in health-care and bank stocks offsetting losses among energy shares. A rally in metals fizzled on signs China is taking steps to cool a trading frenzy in commodities. The dollar reversed early gains, while Treasuries edged higher as optimism over better-than-expected data on U.S. economic growth faded.